The following terms come up frequently when dealing with financial aid. Use this glossary to familiarize yourself with these concepts to better understand your aid offer and the awarding process. If you have any additional questions about these or other terms, please contact our office.
Washington State University’s Academic Year is 30 weeks (24 credit hours) and consists of:
- Fall Semester (16-weeks): August – December
- December Intersession
- Spring Semester (16 weeks): January – May
- Spring Intersession
- Summer Session (12 weeks): May – July (6 separate sessions)
WSU Medical School has a slightly different academic calendar with four distinct terms (fall, winter, spring and summer).
2. Cost of Attendance
The estimated total cost for attending an institution for one academic year. This amount consists of direct costs, which are fixed, and indirect costs, which are estimates. Per cost of attendance regulations, housing, food, transportation and miscellaneous components are calculated based on actual weeks of enrollment within the term and not necessarily on the amount of credits taken.
Charges for one academic year of tuition based on residency, campus and assumed full-time enrollment.
Charges assessed for other college services (e.g. technology access, recreational center use, etc.).
Estimated cost; Includes residence hall charges for on-campus students or an estimate of rent and utilities for an off-campus student.
Estimated cost; Includes the cost of a meal plan and/or an estimate of the costs of food prepared at home.
Estimated transportation and parking costs.
Estimated costs for books and supplies.
Estimate costs such as average loan fees, personal hygiene, laundry, and reasonable entertainment.
If you have received a Graduate Assistant Fee Waiver, SFS is estimating that you will be receiving this resource for the upcoming awarding year. This is not a guarantee that you have been approved for these funds. This is just a placeholder and does not disburse. If you are certain you will not be on an assistantship and receiving these funds, you can email SFS and we will remove this placeholder.
Charges included in a students University bill that the student/family pays directly to the college.
5. Educational Loans
A form of financial aid that must be repaid. The money borrowed is meant to finance post-secondary education or higher education-related expenses. Educational loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree.
Students generally are not required to pay back on their loans while attending college, with some students being able to defer their payments up to 6 months after graduation. Loans may be offered by the federal government, commercial, state-affiliated or institutional lenders.
Federal student loans must be paid back by the student. Students must complete entrance counseling and a Master Promissory Note (MPN) to receive these loans.
Repayment begins six months after the student ceases to be enrolled at least half-time, with options to defer payments available. To be eligible, a student must be enrolled at least half time in an eligible program of study.
Loan funds provided to the student by the U.S. Department of Education, through the school. Undergraduate students with financial need can qualify for a subsidized loan. The government pays the interest on the loan while the student remains enrolled at least half time and during certain periods when the government allows deferment of repayment. There are annual limits on the amounts that may be borrowed, which vary by the student’s academic year in school and the student’s dependent or independent status.
Loan funds provided to the student by the U.S. Department of Education, through the school. Undergraduate students and graduate students regardless of their need qualify for an unsubsidized loan, provided they have filed the Free Application for Federal Student Aid (FAFSA).
Interest accrual begins immediately, and the student can choose to pay the interest while enrolled or upon entering repayment. There are annual limits on the amounts that may be borrowed, which vary by the student’s academic year in school and the student’s dependent or independent status.
Loan funds provided to graduate students by the U.S. Department of Education, through the school. This Federal Direct Graduate PLUS Loan program allows graduate students with no adverse credit history to apply for a loan amount up to their Cost of Attendance each year (minus any other financial aid received).
Loan funds provided to the parents of dependent undergraduate students by the U.S. Department of Education, through the school. This loan program allows parents with no adverse credit history to apply for a loan amount up to the Cost of Attendance each year (minus any financial aid received by the dependent student).
Repayment of principal and interest begins immediately once the loan is fully disbursed with some options to delay payment available.
A student or parent loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual Cost of Attendance (minus any financial aid received). Private loans have varying interest rates, fees and repayment options and usually require the applicant to be creditworthy, or have a creditworthy cosigner. Repayment generally begins immediately.
Academic workload (or course load), as defined by the WSU, in which a student is enrolled for a defined academic period. This normally relates to the number of credit hours taken by a student during a given academic period (e.g. full time, three-quarter time, half time, less-than-half time).
After filing a FAFSA or WASFA, a student receives an estimated financial aid offer detailing the aid they may qualify for. Certain circumstances may cause this offer to change, and the the actual aid awarded may be different.
An eligibility index that college financial aid staff use to determine how much financial aid a student would receive if they were to attend the school. The SAI is calculated according to a formula specified in law and is based upon the information provided by the student and their family on the Free Application for Federal Student Aid (FAFSA).
Use our aid estimation tool to get a general idea of your potential federal aid.
The Free Application for Federal Student Aid is a financial form students complete to be considered for federal financial aid. To complete this application, log into studentaid.gov to get started. An FSA ID and password is required for the student (and any contributors, such as parents) to complete the application.
WSU awards institutional need-based scholarships and grants based upon comprehensive calculations of family financial circumstances. This can result in a higher (or lower) figure than the FAFSA might indicate with its Student Aid Index (SAI) estimate.
A grant provided by the federal government to undergraduate students who demonstrate exceptional financial need and have a Student Aid Index below a certain threshold, as established by the federal government. The Pell Grant award amount is prorated based on Enrollment Status.
A federal grant awarded by the institution to qualified undergraduate students who demonstrate exceptional financial need. Funds are limited and priority is given to students who are also Pell Grant recipients.
A federal program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Work study funds are paid out through a paycheck.
Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain criteria, such as a service requirement that is specified as a condition of the gift aid or not completing the period for which the aid was awarded.
Gift aid can include awards with titles such as grants, scholarships, remissions, awards, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need, academic excellence, athletic, musical, and/or theatrical talent, affiliation with various groups, and/or career aspirations.
A form of gift aid that is based on financial need that students generally do not need to pay back. Grants cover a variety of education-related expenses, such as tuition and fees, room and board, and books and supplies.
Estimated expenses associated with attending college that do not appear on a student’s university bill, but should be included when budgeting for school.
A federal grant to qualifying students with a parent or guardian who died as a result of U.S. military service in Iraq or Afghanistan after September 11, 2001. If a student is eligible for a Federal Pell Grant, they cannot receive an IASG.
The difference between cost and ability to pay. The student’s Student Aid Index, or Family Financial Responsibility 9if applicable) is subtracted from their Cost of Attendance. The remaining balance is the student’s financial need for the purposes of assessing financial aid awards.
Amount of direct and indirect costs remaining after all gift aid is applied. Net price can be covered through a variety of sources, including savings, income, and education loans.
These are funding sources that count as estimated financial assistance. This fund source does not disburse through Student Financial Services. There are a variety of ways SFS is notified of these resources:
- A department or outside source sends funds directly to the Bursar’s Office to apply toward specific charges. Bursar’s Office then sends a notification to SFS and a placeholder award is added. SFS estimates the same amount for spring term but this is not a guarantee you will receive these funds. You will want to inquire with the awarding source to validate what your expected award is each term.
- You’ve notified SFS of Estimated Financial Assistance (EFA). SFS will account for these funds as a placeholder award.
- Work Study funding is awarded as placeholder funding noting the approved maximum amount of Work Study you are eligible for each term.
Level of the degree-granting program in which a student is enrolled. Program levels may include:
- Undergraduate (students seeking an associate degree, an undergraduate certificate, or a baccalaureate degree)
- Post-baccalaureate (such as teacher certification), or
- Graduate (students working on a master’s degree, graduate certificate, doctorate, or professional degree).
Program level is one of several factors in determining the amount and types of financial aid you are eligible for.
Gift aid that is typically based on merit, need or a combination thereof. Examples of merit include:
- Academic excellence
- Talent
- Affiliate with various groups
- Career aspirations
- Community service
Students generally do not need to repay this aid.
An institution’s expectation that a student contributes towards their education using a combination of loans, student employment such as federal work study, and/or savings.
A state program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Funds are paid out through a paycheck, as earned.
TEACH grants are federal grants for undergraduate and graduate students, awarded in exchange for specific future teaching service in designated high-need fields and low-income elementary and secondary schools.
If a student does not complete the required teaching service, the grant becomes a federal direct unsubsidized loan that must be repaid.
The student’s Cost of Attendance after subtracting any need-based aid received as well as the student’s Student Aid Index or Family Financial Responsibility (if applicable).
A federally mandated process to confirm the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA).
To complete the verification process, the student and any applicable contributors (parents or spouse) are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn’t match what was reported on the FAFSA, verification can result in changes to the student’s financial aid eligibility, and/or financial aid offers.
The Washington Application for State Financial Aid is an application for Washington State resident students who are not eligible to complete the FAFSA due to citizenship or other criteria.